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Ebtikar acquires additional stake in Masary

Ebtikar acquires additional stake in Masary
Ebtikar’s stake in Masary will be raised to 65.5%
MTI
MTIE
-4.00% 7.20 -0.30
B Investments Holdings
BINV
-1.65% 19.75 -0.33

Cairo – Mubasher: Ebtikar for Financial Investment, a joint venture between MM Group for Industry and International Trade and B Investments Holdings, has acquired an additional stake of 5.9% in Masary for EGP 25.9 million.

Accordingly, Ebtikar’s stake in the smart payment company will be increased to 65.5% from 59.7%, MM Group and B Investments said in two separate statements to the Egyptian Exchange (EGX) on Thursday.

B Investments holds a 20.4% stake in Ebtikar, while MM Group holds 50.4% stake in the company.

The deal will raise MM Group’s stake in Masary to 44% from 41%.

Earlier in October, MM Group announced that Ebtikar raised its stake in Masary to 59.67% from 54.84%.